Wilh. Wilhelmsen ASAThird quarter 2015

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Wilh. Wilhelmsen ASA /// 11 November 2015 Jan Eyvin Wang, President and CEO

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> Disclaimer

This presentation contains forward-looking expectations which are subject

to risk and uncertainties related to economic and market conditions in

relevant markets, oil prices, currency exchange fluctuations etc.

Wilh. Wilhelmsen ASA group undertake no liability and make no representation or

warranty for the information and expectations given in the presentation.

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• Investigation of the global car carrying industry started in September 2012

in several jurisdictions related to incidents prior to September 2012

• WWL and EUKOR have cooperated and are cooperating with respective

authorities. These processes are confidential.

• Japanese and South African authorities have completed their

investigations

– WWL were fined USD 34 million in Japan and USD 8 million in South Africa (WWASA share USD 16.5 million and USD 4 million respectively)

• Final outcome of the investigations is uncertain and will take time

– Some further clarifications expected in Q4 2015 and 2016

• The USD 200 million provision represents WWASA’s share of the

exposure related to the ongoing investigations

Anti-trust investigationWWASA makes USD 200 million provision in the third quarter

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22

14

20

18

16

12

2

4

6

8

0

10

-7%-3%

Q2 15

Q1 15

Q4 14

Q3 14

Q4 12

Q3 12

Q1 10

Q2 11

Q1 11

Q4 10

Q1 12

Q2 10

Q3 10

Q3 11

Q4 11

Q2 12

Q2 14

Q1 14

Q4 13

Q3 13

Q2 13

Q1 13

Q1 09

Q4 08

Q4 09

Q3 09

Q2 09

Million Cbm

Q3 15

Decline in group volumes Down of 7% q-o-q and 3% y-o-y

Prorated ocean volumes – WW group (100%)

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Index

Fall in both cargo segments

High and Heavy

• Decline in all main trades

• Construction volumes to North America

remained strong, however weaker than first

half of the year

Auto

• Oceania stronger and Europe slightly

better

• Decline in all other trades

Unprorated ocean volumes – WWL and EUKOR (100%)

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> Renewal of Ocean Carrier Contract

• EUKOR secured contract for 4 more years

• Volumes out of Korea;- 50% in 2016 and 2017

- 40% in 2018 and 2019

• In 2014, EUKOR transported approximately 4.6 million units of which 1.7 million where on behalf of Hyundai and Kia

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145

147

145146

145

147146

147

143

140139

110

115

120

125

130

135

140

145

150

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2013 2014 2015 2016

Group tonnage Newbuildings Secured flexible tonnage

Making use of the tonnage flexibility

* Base case - Secured capacity not including upside potential through possible charter-in’s** Vessels recycled at 25 years and all TC vessels redelivered at end of ordinary contract period, newbuilding included

Other reduction flexibility options include; Renegotiation of charter terms, sale of vessels, slow steaming

**

*

127

# Vessels

137

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Region Q3 2015 Q2 2015

QoQ

change Q3 2014

YoY

change

2015 FY

FC

2016 FY

FC

2016/

2015

N America 5,29 5,44 -3 % 5,08 4 % 20,30 20,60 1 %

Europe* 3,74 4,22 -11 % 3,42 9 % 15,60 15,80 1 %

Oceania 0,32 0,33 -3 % 0,31 4 % 1,30 1,30 0 %

BRICs 7,02 7,55 -8 % 7,50 -7 % 31,40 33,30 6 %

.....Brazil 0,62 0,63 -1 % 0,83 -26 % 2,50 2,40 -4 %

.....Russia 0,41 0,40 3 % 0,55 -25 % 1,60 1,60 0 %

.....India 0,77 0,73 5 % 0,75 3 % 3,20 3,50 9 %

.....China 5,22 5,79 -7 % 5,37 -3 % 24,10 25,80 7 %

Continued low commodity prices impact HH volumesLower growth in annual Chinese car sales

Light vehicle sales in key markets quarterly [M Units] CAT - Resource industries sales quarterly [MUSD]

0

1

2

3

4

5

6

7

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2010 2011 2012 2013 2014 2015

*excluding Russia and Turkey

Quarterly light vehicle exports [M Units] John Deere - Q3 2015 industry outlook

0

500 000

1 000 000

1 500 000

2 000 000

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3

2008 2009 2010 2011 2012 2013 2014 2015

Japan Korea

*Agriculture and Turf Retail Sales

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> Outlook

Auto

• Marginal growth in mature markets

• Growth in China but at lower levels

• Slow in other emerging markets

High and heavy

• Construction to remain healthy

• Mining and agricultural to remain weak

Tonnage

• Using tonnage flexibility to remain

balanced

���� Increased focus on synergies and cost reductions in all companies

���� Continue to expand land based activities

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> Prospect

The shipping activities in WWASA are expected to remain challenging, with added

pressure on margins.

Logistics activities are expected to be on par with the 2015 levels.

The board will ensure a continuous focus on operational efficiency and cost-

reducing initiatives.

Wilh. Wilhelmsen ASA

Third quarter 2015

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Wilh.Wilhelmsen ASA 11 November 2015 Benedicte B. Agerup, CFO

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> WWASA Group – Key financialsProvision impact shipping segment negatively in Q3

• Total income reported - 6% q-o-q, - 14% y-o-y

• EBIT reported negative USD 134 million, EBIT adjusted for non-recurring items USD 68 million

• Shipping segment negatively impacted by a provision of USD 200 million

• Lower ocean profitability q-o-q, partly seasonal, logistics stable

700

600

200

100

500

300

400

0

USD million

558

650

Q2

596

682

Q1

609637 624

Q4

-6%

Q3

100

-150

-100

0

50

-50

USD million

Q1

54

98

-134

-284%

57

Q4

6673

Q3

76

Q2

20152014

Total income Total EBIT

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WW ASA Group

USD mill 2015 Q3 2015 Q2 2015 YTD 2014 YTD 2014 Q3 2014 FY

Operating income 546 583 1 702 1 912 619 2 525

Gain on sale of assets 26

Share of profits from JV's and associates 12 14 35 56 30 66

Total income 558 596 1 763 1 968 650 2 592

EBITDA (94) 113 155 295 110 413

Depreciation and impairments (41) (40) (118) (118) (44) (160)

EBIT (134) 73 36 177 66 253

Financial income/(ex pense) (73) 4 (115) (56) (9) (131)

Profit/(loss) before tax (207) 77 (78) 121 57 122

1 1 1 1 1 Net profit

1) (213) 70 (86) 111 54 166

Earnings per share (USD) (0.97) 0.32 (0.39) 0.50 0.25 0.75

1) after minority interest

WWASA Group - Profit and Loss 2015Proportionate method

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> WWASA EBITDA adjusted for non-recurring itemsDown 6% q-o-q, partly seasonal

106114110106102

116

91

121118120

104

120

150154

135

0

50

100

150

200

Q3 2015

4% -6%

Q2 2015

Q1 2015

Q4 2014

Q3 2014

USD million

Q2 2014

Q1 2014

Q4 2013

Q3 2013

Q2 2013

Q1 2013

Q4 2012

Q3 2012

Q2 2012

Q1 2012

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> WWASA Shipping – Key financialsSignificantly impacted by a provision in connection with anti-trust investigations

• Total income reported - 7% q-o-q, - 15% y-o-y

• EBIT reported negative USD 150, EBIT adjusted for non-recurring items USD 53 million

• Transported volumes down 7%, decline of both autos and H/H cargo

• Suboptimal cargo and trade mix

• Margins under pressure

600

500

400

300

200

100

0

USD million

502

-7%

Q4Q3

437

512

Q2

470

539

Q1

460499

50

0

-150

-100

-50

100

-359%

Q4Q3

-150

47

Q2

5837

Q1

59

37

USD million

55

20152014

Shipping income Shipping EBIT

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> WWASA Shipping – EBIT marginUnderlying margins stable q-o-q

+ Lower G&A cost base - Reduced BAF surcharges

- Suboptimal cargo and trade mix

- Continued pressure on margins

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> WWASA Logistics – Key financialsUnderlying EBIT flat q-o-q

• Total income reported - 4% q-o-q, - 10% y-o-y

• EBIT reported + 2% q-o-q, - 18% y-o-y

• Contribution from WWL logistics was on par with previous quarter

• Contribution from Hyundai Glovis stable in Q3, but will be substantialy lower in Q4 due to currency

effects based on their reported net profit in Q3.1)

• Market value of 12.0% ownership in Hyundai Glovis was USD 853 million on 30 September 2015

160

140

120

100

80

60

40

20

0

USD million

126 -4%

Q4Q3

129143

Q2

134147

Q1

155144

0

5

10

45

40

35

30

25

20

15

Q1

22

18

Q2

2218

Q3 Q4

+2%14

40

20

USD million

2014 2015

Logistics income Logistics EBIT

1) Hyundai Glovis net result consolidated into WWASA accounts one quarter in arrears.

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> WWASA Group – Financial income (expense)Unrealised losses on derivatives

• Net financial items• Negative return on investment management

• Termination fee of USD 9 million for the deferred tax inherent in UK tax leases

• Stable net interest expenses

• Unrealised losses on both interest rate- and currency derivatives, due to a stronger USD and lower

medium to long term USD interest rates

USD mill 2015 Q3 2015 Q2 2015 YTD 2014 YTD 2014 Q2 2014 FY

Net financia l i tems (15.9) (0.8) (8.8) 2.1 (2.4) (0.5)

Net i nteres t expens es (22.0) (23.3) (67.9) (68.1) (25.4) (91.2)

Interest rate derivatives - unrea l is ed (15.3) 18.5 4.6 (1.7) (6.4) (16.8)

Net financia l - currency (15.2) 8.6 (40.1) 12.3 3.5 (22.0)

Net financia l deri vatives bunkers (4.2) 0.9 (2.6) (0.3) (0.1) (0.3)

Financial income/(expense) (72.6) 4.0 (114.8) (55.6) (30.8) (130.9)

Proportionate

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USD mill

Assets

Non current assets 2 900 88 % 3 080 88 % 2 955 88 %

Current assets (ex cl liquid funds) 24 1 % 31 1 % 23 1 %

Liquid funds 378 11 % 408 12 % 375 11 %

Total assets 3 302 100 % 3 519 100 % 3 353 100 %

Equity & liabilities

Equity 1 588 48 % 1 806 51 % 1 707 51 %

Non current interest-bearing debt 1 239 38 % 1 277 36 % 1 236 37 %

Other non current liabilities 275 8 % 249 7 % 264 8 %

Current liabilities 201 6 % 187 5 % 145 4 %

Total equity and liabilities 3 302 100 % 3 519 100 % 3 353 100 %

30.09.2015 31.12.201430.06.2015

WWASA Group – Balance SheetContinued strong balance sheet

Equity

Effect of provision of USD 200 million• Reduction in investment in joint ventures and associates

• Reduction in equity

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> WWASA Group - Committed CAPEX, incl. dry-docking

297

145

-151-200

-150

-100

-50

0

50

100

150

200

250

300

Paid capex 2015

USD million

Acc 2015-20162016 FY

• Capex in 2015 already paid

• Capex in 2016 financed through sale / lease back with a positive cash effect

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> WWASA Group – Liquidity developmentContinued high liquidity buffers

172

11

35

20

127

420

380

360

340

320

300

280

0

440

460

400

Other

USD million

Liquidity Q3 2015

378

408

Financial cost

CapexNet financing

10

Dividend received from JV’s and ass.

1

JVs/associates

EBITDA*)Liquidity Q2 2015

*) Equity

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0

50

100

150

200

250

300

350

400

450

2015

31

USD million

2020 ->

411

2019

341

2018

281

2017

106

2016

188

WWASA Group – interest bearing debtSound maturity profile

BanksBonds Export financing

• Three vessels previously on UK tax lease refinanced to ordinarybank debt in July.

• Ordinary instalments of USD 23 million in Q3.

• Revolving credit facility of USD 50 million renewed in July.

• Bond maturity in March 2016 of approx. USD 15 million will be financed from cash position

• Covenant waivers received from main banks to cover Q3 provision

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> WWASA Group – Semi-annual dividend per shareDividend of NOK 0.50 per share in H2 2015

• Dividend payment of NOK 1.00 per share in H1 2015

• Dividend payment of NOK 0.50 per share in H2 2015

• Low dividend paymenta reflection of weakerearnings and the JV’sexposure in the anti-trust investigation

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

5,0

2014

NOK/share

2.00

1.50

20152013

4.75

2011

1.00

2012

1.65

2nd half

1st half

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